Electrical equipment maker Crompton Greaves is setting up an automation unit for producing smart grid devices, entering a market dominated by global biggies like Areva, Siemens, ABB, Legrand and Alstom.
According to a press statement issued by the company, it is setting up a greenfield plant in Jigani Industrial Area, Bangalore, which will be operational by this year-end and help bolster India’s Smart Grid initiative.
The plant will make intelligent electronic devices (IEDs) which are critical in the control and monitoring of power systems. It will also assemble control and relay panels using these IEDs, complying with the latest Substation Automation Standard – IEC 61850.
The company statement did not mention the project cost or any related financials.
“As our plant in Bangalore becomes operational, our local manufacturing capabilities will ensure that CG provides nimble pre- and post-sales service support. Moreover, we are offering deep expertise in grid automation, which is a cutting-edge business,” said a company in an email reply to DNA queries.
As per a company spokesperson, the company deemed it too premature at this point to reveal any financials regarding the project.
Analysts are not enthused with the development as they told DNA Money that talk about the company setting up the project has been going on since more than a year.
“We will believe it when we see it,” said an analyst of a domestic brokerage, who do not wished to be named.